Renters Insurance

Most often, people do not think they have enough personal property to make a renters policy worthwhiIe. Similar to home insurance, renters insurance protects you in situations that everyone can face: fire, theft, water damage, and other unforeseen circumstances your landlord's policy does not cover. Take a moment to think about what you own, such as computer's, TV's, Ipod's, furniture, clothing, etc., and what you could lose if you did not have a renters insurance policy. If you rent your home, having insurance protection for yourself and your possessions is still important.

Optional Coverages

Renters insurance typically provides coverage, up to the limits you select, for specified items and situations, including:

  • Fire or Lightning
  • Collapse of the building due to weather
  • Smoke
  • Vandalism or Malicious Mischief
  • Theft
  • Accidental Discharge of Water
  • Freezing of plumbing, air conditioning and more
Coverages May Include

Your renters insurance policy can protect your personal property inside your apartment or home if it is affected by any of the following:

  • Your personal belongings - furniture, clothing, appliances, etc.
  • Personal Liability
  • Loss of Use
  • Replacement Cost on Personal Property
Frequently Asked Questions
Why do I need Renters Insurance?

You need renters insurance to cover you if any of your furniture, electronics, books, or other belongings get damaged or destroyed. Renters insurance also covers you in the event that someone else is injured in your apartment or home or someone's personal property is damaged and sues you.

Do I need Renters Insurance even if my landlord has insurance?

Yes. Although your landlord almost certainly has property and liability insurance, your landlord's policy does not cover the items that you keep inside your apartment or home. And it does not protect you if a guest is injured and sues you for liability.

What if I do not have much personal property?

Renters insurance is still important even if you do not have much personal property because of the liability component. Also, chances are your personal property is worth more than you think. If you do not have much personal property to insure, then you can save money by choosing a lower policy limit.

Do I need Renters Insurance if I rent a Condo, Co-op, or House?

Yes. Renters insurance is important as long as you rent your home. It applies the same whether you rent an apartment, condo, co-op, or house.

Will I get enough money to replace my stuff if it gets damaged or destroyed?

That depends on whether you opt for an actual cash value (ACV) or replacement cost coverage policy. ACV coverage pays for the market value of your property at the moment before it was damaged. Replacement cost coverage pays you the full cost of getting a new item to replace the one that was destroyed. As you would expect, replacement cost coverages is more expensive than ACV, but it is usually worth it.

Will I get paid to cover expenses for Temporary Relocation?

Renters insurance normally covers your living expenses if you must temporarily relocate because of extensive damage to your apartment or home. This is something you should confirm with your agent before settling on a policy.